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To: SliderOnTheBlack who wrote (52005)	9/28/1999 1:18:00 PM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

I would normally post this slightly off-topic article as a link, but found it interesting enough to put up in its entirety. October CME Weather Futures Seen Stable Amid Limited Trade Chicago, Sept. 28 (Bloomberg) -- October weather futures contracts on the Chicago Mercantile Exchange are expected to open little changed today amid limited trade. Traders said activity across all contract months could increase as more traders enter the market. The October Chicago heating degree day contract was steady yesterday with no trade at 390 HDDs, while the most recent bid- ask spread was 370 HDDs bid at 4,100 HDDs. The New York contract was stable at 220 HDDs with no trade. The contract was last at 210-229 HDDs, traders said. The Cincinnati and Atlanta contracts were stable at 315 and 118 HDDs, with the last bid-ask spread at 311-324 and 110-132 HDDs, respectively. ``It looks like my earlier prediction that October could dominate trading might have been incorrect,' said a trader with Aquila Energy Marketing in Kansas City, Missouri. ``The out months like December are still seeing as much or more activity than October. I think we're likely to see increasing amounts of price volatility as more traders, aside from the five key market makers, come into the weather market over the next few weeks.' The Aquila trader said that yesterday's eight December New York weather contracts traded right at a level equivalent to the 20-year average HDDs. Traders said liquidity remains low because several key market participants for weather futures had yet to install systems software needed to trade the instruments. Some were waiting for better October weather forecasts to get involved in the prompt month. Existing 30-day forecasts indicate above-normal temperatures for the four contract cities. Precipitation was expected to be normal to above-normal in that period. Traders and risk managers can use weather futures contracts to offset the potential loss of revenue when weather diverts from expected norms for commodities as diverse as grains to seasonal items such as swimsuits and winter apparel, traders said. Weather affects an estimated 20 percent of the $9 trillion U.S. economy, and the over-the-counter market for managing weather risk has grown considerably over the past few years, the CME reported. Each degree day change in the weather futures contracts was valued at $100, CME said, with the contracts settling at the beginning of the new month based on a cumulative heating degree day total recorded by Rockville, Maryland-based Earth Satellite Corp. A heating degree day at a given location occurs when the average temperature falls below 65 degrees Fahrenheit. For example, if the average temperature on any given day is 55 degrees, then 10 heating degree days are reported for that day. A cooling degree day would occur when the average temperature is in excess of 65 degrees. While trading in CME weather futures and options is available 24 hours a day on CME's Globex2 electronic trading system between 4:45 p.m. Eastern and 4:15 p.m., traders expect most activity to occur daily between 10:00 a.m. Eastern to 4:15 p.m. --------------------------------------------------------------------------------

To: SliderOnTheBlack who wrote (52005)	9/28/1999 1:58:00 PM
From: AltLar	Read Replies (1) \| Respond to of 95453

BLOCK TRADE - McDermott Intl 300,000 at 19 3/4, off 5/8, crossed by Lehman Brothers biz.yahoo.com Drunkenmiller still dumping?